Base Carbon Provides Corporate Update and Outlook

TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (together, with affiliates, “Base Carbon”, or the “Company”), is pleased to provide a corporate update and the Company’s outlook for 2024.

2023 Highlights and 2024 Outlook

• Targeted to receive approximately 6 million carbon credits from the Vietnam household devices project, for anticipated offtake proceeds of approximately US$29.1 million, and approximately 2.1 million carbon credits from the Rwanda cookstoves project in 2024.
• Receipt of approximately 1.1 million carbon credits and aggregate proceeds from the disposition of such credits of approximately US$6.4 million, or C$0.072 per share¹, in 2023.
• Rwanda cookstoves project received Verra’s first ever corresponding adjusted or “Article 6 Authorized Label” in December 2023.
• Execution of high quality nature-based carbon removal project agreement in August 2023, with approximately 4.7 of 6.5 million trees having been planted to date and project registration with Verra on track for end of 2024.
• Execution of a Letter of Intent for a partnership with STX during December 2023, to establish and launch an innovative fund for institutional investors to participate in offtake supported high quality carbon removal projects.
  

“2023 was a successful and productive year in which Base Carbon focused on capital allocation and project advancement. We anticipate 2024 to bear the fruits of this labor and expect significant production and capital returns from our carbon projects during 2024. We are confident in our business plan and prudent underwriting practices, and we believe that Base Carbon has quickly established itself as a respected and credible participant in global carbon markets,” summarized Base Carbon’s CEO, Michael Costa.

Vietnam Household Devices Project

The Company received delivery of approximately 1.1 million carbon credits generated from the Vietnam household devices project and aggregate contractual offtake proceeds from such credits of approximately US$6.4 million or C$0.072 per share¹ during 2023.

In aggregate for 2024 fiscal year, the Company expects to receive approximately 6 million carbon credits from the Vietnam household devices project for offtake delivery and anticipated proceeds of approximately US$29.1 million.

Of such carbon credits, the Company anticipates the issuance of approximately 2.1 million carbon credits for immediate delivery pursuant to the project offtake arrangement before end of Q2 2024. Project issuances are dependent upon Verra’s acceptance and verification of the project monitoring documentation.